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Kyle, a 12-year-old child, who is frequently punished by his father, often lies to his father about where he has been and often stays at a friend's house rather than going home. Kyle is demonstrating
Behavioral Economics
is a field of economics that studies how psychological, emotional, cultural, and social factors affect economic decisions of individuals and institutions.
Psychology
The scientific study of the human mind and its functions, especially those affecting behavior in a given context.
Standardization
The process of implementing and developing technical standards based on the consensus of different parties including firms, users, interest groups, standards organizations, and governments.
Cost Economies
Refers to the reduction in average cost of production as a firm increases its size or volume of output, typically achieved through operational efficiencies.
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